Energy & Power Industry Outlook Q1 2024: A Brief on M&A, Technological Advancements, Product Launches, Innovations and Partnerships

The energy and power sector is rapidly evolving, driven by technological advancements, regulatory changes, and changing consumer demands. The sector includes several companies that emphasize the use of renewable sources, the development of efficient energy solutions, and smart grid technologies to offer sustainable energy solutions to several businesses. These companies make alliances such as mergers, partnerships, collaborations, and acquisitions to foster the industry’s competitiveness. Furthermore, leading businesses in the domain have launched innovative products and hugely invested in technological developments to help the sector grow. Allied Market Research has closely studied these alliances, product launches, and innovations that has offered a comprehensive analysis of the industry’s performance in the first quarter of 2024.

Mergers and Acquisitions Reshaping the Energy and Power Industry Landscape

The energy & power sector is rapidly expanding due to the profitable steps taken by several multinational industries and companies in the industry. In the first quarter of 2024, these companies have made strategic alliances, such as mergers and acquisitions, with their peers to expand their business functionalities in the sector.

In March 2024, BluPine Energy, a leading renewable energy platform announced its acquisition of 369 MW of solar capacity power assets from the Acme Group to make its total renewable energy capacity to 2.4 gigawatts (GW). With this acquisition, BluPine aimed to bolster their renewable energy capacities by expanding its portfolio to 4GW of solar and wind power as well as hybrid assets, complemented with battery energy storage in the next five years.

In February 2024, Siemens Gamesa, a renowned Spanish developer of wind turbines signed a contract with Polenergia and Equinor to supply turbines for the offshore Baltyk II and Baltyk III wind farms Poland. Under this project, the companies aimed to provide green energy such as wind energy to two million households with a combined capacity of 1.44 GW. These turbines are made of sustainable steel, using 63% less carbon than the production of conventional steel.

In January 2024, Ørsted, a Danish multinational energy company, a Danish multinational energy company signed an agreement with Eversource, an energy provider serving customers to acquire 50% share of Sunrise Wind. This acquisition would help the companies build a future offshore wind hub that would be beneficial for Sunrise Wind and the companies to differentiate and de-risk potential risk potential future bids and projects.

Innovations and partnerships transforming the energy & power sector

Over the last few years, companies and businesses in this domain have emphasized bringing cutting-edge innovations and made profitable alliances to offer groundbreaking solutions and foster several business operations.

In March 2024, Jakson Green, a new energy transition platform signed an agreement with the Solar Energy Corporation of India (SECI) to establish grid-connected solar projects across the nation. Under this agreement, Jackson Green would take charge of identifying the project site, installation, and securing ownership to obtain the necessary approvals and connect with ISTS network to supply power to SECI.

In January 2024, Linde, global multinational chemical company founded in Germany expanded its long-term agreement for the supply of industrial gases with Steel Authority of India Limited (SAIL), one of the largest steelmaking companies in India. With this agreement, Linde would support SAIL’s expansion and modernization program across three major cities by keeping a track record of safe and reliable supply of industrial gases.

Revolutionizing the energy & power sector with resourceful product launches and services

Several energy & power companies have launched innovative products and services that reignited the competitive spirit and strengthened their position in the sector.

In February 2024, Navitas Solar, a Surat-based leading module manufacturing brand in India announced the launch of its next-generation N-Type TOPCon modules. N-type TOPCon technology is a new technology that helps to enhance the efficiency of solar panels. TopCon solar cells have better conversion efficiency which means they can potentially lower the cost of manufacturing per watt. TOPCon technology helps decrease surface combination and enhances the durability and consistent performance of the panels.

Simultaneously, in March 2024, NTPC Green Energy Limited, a fully owned subsidiary of the NTPC Limited officially opened the bidding process for the comprehensive operation and maintenance of the 225 MV Bilhaur Solar Power Plant Project. This project is divided into two parts, namely, Bilhaur-1, with a capacity of 140 MW and Bilhaur-2, contributing an additional 85 MW. The contract is classified as a service contract set to span three years for Bilhaur-1 and Bilhaur-2 for about 33.5 months. The bidding is organized through a single-stage two-envelope system, inviting eligible participants to submit their proposals online.

Technological advancements unlocking potential of the industry

The industry has experienced several technological advancements, creating immense possibilities and investment opportunities for businesses in the domain across various regions. These advancements have also inspired newcomers in the industry to take risks and compete with industry giants in the sector.

In January 2024, a group of researchers from the Technion Faculty of Materials Science and Engineering introduced a new technology for producing green hydrogen using renewable energy. The novel technology offered significant advantages compared to other processes for producing green hydrogen. The technology is designed to serve commercial applications to reduce the costs and accelerate the use of green hydrogen as a clean, sustainable alternative to fossil fuels.

In February 2024, researchers at the University of Illinois Chicago, Argonne National Laboratory and several other institutions collaborated to generate carbon capture by using artificial intelligence, physics, and supercomputers. These scalable carbon-capture technologies are used to create materials called metal-organic frameworks that offer promising structures for further investigation. Metal-organic frameworks are modular materials made up of three kinds of building blocks including inorganic nodes such as copper or zinc, organic nodes, and molecular linkers made up of carbon, oxygen, and other elements.

In March 2024, Luminous Power Technologies, a powerful and trustworthy brand with a wide range of innovative products inaugurated the Solar Panel Factory in Uttarakhand, India. The facility is equipped with advanced solar panel manufacturing techniques to ensure maximum efficiency and minimal environmental impact. With the launch of this facility, the company envisioned to offer best-in-class product range in the solar, inverter, and battery categories to building an end-to-end solar energy management ecosystem.

Summarizing the growth perspectives of the energy and power sector in Q1 2024

The energy is power sector is expected to experience significant growth in the coming years due to the continuous technological advancements in the industry. Allied Market Research sheds light into the strategic alliances such as mergers, acquisitions, partnerships, and collaborations and innovative product launches and initiatives made by industry giants. The rising focus on reducing carbon footprint and developing sustainable source of energy by leading players is predicted to open new avenues for industry growth in the ahead years. Such innovative approaches and resilience shown by the sector is anticipated to play an important role in the industry’s growth in the future.

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